The type of insurance you might need will depend on the type of business you are running and the associated risks that you want to mitigate. The following are some common options:

• Public Liability insurance – this can be important if your business interacts frequently with members of the public (e.g., a hairdresser, restaurant, builder or shop). It will protect you against the risk of compensation claims for injury or damage to customers, suppliers or other third parties.
• Professional indemnity insurance – this type of insurance is primarily aimed at businesses that provide professional services or offer other types of advice to clients (e.g., a surveyor, architect or accounting firm). If you make a mistake and your clients suffer loss as a result of the advice you give, professional indemnity insurance will cover the potential pay-outs that you will have to make.
• Business buildings insurance – business building insurance will cover any loss or damage caused to the property that you work from (whether it be your home or a fully commercial premises). If renting a premises, you should check your lease or with your landlord to see what is covered by any existing policies.
• Employers’ liability insurance – this insurance will cover damages or compensation claims brought by a member of staff who suffers injury or damage as a result of working at your company. Of course, depending on the type of business, occupational hazards will vary, but if you have employees, you should consider obtaining (or may even be required to obtain) employers’ liability insurance.